• The Korean Journal of Financial Studies
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• v.8 no.1
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• pp.77-98
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• 2002

본 연구는 MM(1963)에 의하여 시작된 기존의 기업가치와 자본구조에 대한 연구 방법과는 달리, Rao(1987), Howe(1995), Brealey-Myers(1996)등을 중심으로 시도되어 온 시장가치 대차대조표(MVB/S)를 이용한 기업가치와 자본비용의 통합적 분석방법을 소개하였다. 그리고 MM(1963)에 가정을 추가함으로써 변형된 기업가치 모형과 자본비용에 대한 연구방법을 시도한 Modigliani(1988), Miles-Ezzell(1980)와 Taggart(1991)의 연구가 MVB/S를 이용하여도 동일하게 적용할 수 있음을 증명하였다. 따라서 본 연구는 MM(1963)의 명제들로부터 유도되는 관계식인 가중평균자본비용과 무부채기업의 자기자본비용과의 관계(MM명제III)와 부채사용기업의 자기자본 비용과 무부채기업의 자기자본비용과의 관계(MM명제II)를 Modigliani(1988), Miles-Ezzell(1980)와 Taggart(1991)의 가정하에서 MVB/S를 이용하여 각각 유도하였다. 그리고 MVB/S를 이용하여 유도된 자본비용들간의 제관계식이 이들의 연구결과와 동일함을 증명하였다. 나아가 개인소득세가 존재할 경우에 무위험주식의 도입을 통하여 기업가치모형을 유도하고 이를 바탕으로 자본비용들간의 제관계식을 유도하고 아울러 베타분석도 실시하였다.

• Journal of the Korea Convergence Society
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• v.8 no.3
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• pp.225-235
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• 2017

Firms employ one of two stock repurchasing methods, either direct open market repurchase or indirect repurchase through trust contracts. Since these two methods have some regulatory differences, managers of firms may use a repurchasing method as a signal to convey the information to the market. Therefore, this study investigates the relationship between stock repurchasing methods and implied cost of equity of firms. The results show that there is a significant and negative relationship between stock repurchase announcement and cost of equity. In addition, the implied cost of equity for firms employing direct open market repurchase is significantly lower than those of firms that use indirect repurchase method. Overall, the market accurately reflects the information conveyed by two stock repurchasing methods into cost of equity of firms.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.5
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• pp.245-251
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• 2017

The purpose of the study is to empirically investigate how the higher allowance ratio for bank loans affects the cost of equity using Korean banks from 2002- 2015. First of all, we analyzed the impact of the higher allowance ratio on the cost of equity for Korean banks. Secondly, from the perspective of governance structure, we analyzed the existence of different impacts whether banks were affiliated with financial holding companies. The results showed an increasing impact of higher allowance ratio on the cost of equity for Korean banks. Also, we found these impacts differ whether the banks are affiliated with financial holding companies. The results indicate that the burden of higher allowance ratios for bank loans may provide negative impacts on capital markets. The higher the allowance ratio, which means the greater risk for banks, may help to increase the cost of equity concerning Korean banks.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.6
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• pp.483-488
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• 2019

This study first examines whether the high matching principle reduces the cost of equity, and then examines the effect on discretionary accruals and capital cost. According to previous studies, the higher the response to revenue cost, the higher the earnings quality. The higher the quality of earnings, the lower the information risk, and the lower the information risk, the lower the capital cost of enterprise. Discretionary accruals can play two roles in opposing each other. One is that managers use the discretionary accruals to provide private information about the future of the corporation to the market, thus enhancing the usefulness of the earnings. The other is that managers can use the discretionary accruals opportunistically to distort earnings and provide misinformed information to investors, thus reducing the usefulness of earnings. The results of this study represents that the higher the responding to the revenue cost, the less the cost of equity. In the case of firms with high revenue response, we examine whether discretionary accruals reduce the cost of equity capital. As a result of the study, the higher the responding to the revenue cost, the lower the cost of equity capital. Companies with higher matching principle have been shown to reduce their capital costs by using discretionary accruals.

• Journal of the Korea Convergence Society
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• v.10 no.8
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• pp.217-226
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• 2019

This study examines the effect of the wedge between voting rights and cash flow rights of controlling shareholders on the implied cost of equity. Prior studies posit that controlling shareholder's voting rights exceeding cash flow rights causes expropriating minority shareholders. Using date from 793 group-affiliated Korean firms for 10 years from 2005 to 2016, the result shows that there is a positive and significant relationship between controlling shareholders' wedge and implied cost of equity. This result implies that investors regard the controlling shareholders' wedge as potential agency cost in which they require additional risk premium because controlling shareholders have a strong incentive to pursue their private interests trough tunneling practices.

• The Korean Journal of Financial Management
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• v.14 no.3
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• pp.157-181
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• 1997

본 연구에서는 우리나라 증시에서 베타 이외에 규모와 장부가/시장가 비율이 수익률의 차이를 설명하는데 유용한가를 실증하고 이를 토대로 13개 산업에 대하여 자본비용을 추정하였다. 1980년에서 1995년 사이의 기간에 대하여 실증한 결과, 우리나라 증시에서 규모요인은 시장위험이 설명하지 못하는 수익률 차이 부분을 상당히 설명하고 있었으나 장부가/시장가 비율은 추가적인 설명력을 보이지 못하였다. 산업별 자본비용을 추정한 결과는 만족스럽지 못하였다. 우선 해당기간 동안에 시장프레미엄이 연 1.33%로 지나치게 낮게 측정되었으며 표준오차는 연 5.85%로 매우 크게 나왔다. 회귀계수의 표준오차를 줄이기 위하여 rolling 회귀분석의 방법을 사용하였지만, 3요인 모형에서 시장위험계수(베타)에 대한 표준오차만 줄어들었을 뿐 나머지 계수들의 표준오차는 오히려 증가하였다. 회귀계수가 지니는 불확실성이 위험프레미엄의 불확실성과 결합되어서 산업별 자본비용에 대한 추정은 매우 부정확하였다.

• The Journal of the Korea Contents Association
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• v.19 no.9
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• pp.233-241
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• 2019

The purpose of this study is to empirically analyze whether the influence of foreign investors from the monitoring role in Korean capital market is observed differently in accordance with the global financial crisis situation. We collected a total of 2,919 firm data from 2003 to 2015 and performed the empirical tests between foreign investor ownership and firms' cost of equity capital separately according to the situation of the global financial crisis. From the empirical results, foreign investors in general were playing a positive function in the Korean capital market by effectively performing the monitoring role for companies. However, we observed that their monitoring role is not effectively performed when the risk level of capital market is maximized, such as during the global financial crisis. The study suggested that the influence of foreign investors may vary depending on the level of risk in the capital market, which is expected to contribute to the market participants and academia.

• Proceedings of the KIEE Conference
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• 2009.07a
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• pp.430_431
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• 2009

철도시스템은 급전, 기계, 전기신호 등의 분야가 결합된 시스템으로 대규모자본을 효율적으로 이용해야만 하는 문제를 안고 있다. 특히, 자기부상열차 시스템은 고도의 기술력이 필요로 하고, 현재 국내에서 개발 단계에 있는 시스템으로 비용 관련 연구가 더욱 필요한 실정이다. 따라서 국외의 철도시스템 및 자기부상열차 시스템에 대한 수명주기비용(Life Cycle Cost, LCC) 연구 동향을 바탕으로 하여 국내의 자기 부상열차 시스템에 적용할 수 있는 수명주기비용에 관한 모델을 제안하고자 한다.

• Journal of the Korean Society for Railway
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• v.12 no.6
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• pp.1076-1080
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• 2009

An analysis of Life Cycle Cost (LCC) is to evaluate the system through the total cost accounting during the total life cycle. Railway system has problem that abundant capital has to be utilized efficiently because railway system is a combined system such as power supply, machines, electric signals. Especially, Magnetic Levitation Train needs high technique and more study about the Life Cycle cost by using the system being developed currently in Korea. Therefore, the Modeling of Life Cycle Cost for Magnetic Levitation Train is proposed considering the tendency of the studies in other countries.

• Journal of Navigation and Port Research
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• v.39 no.1
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• pp.69-75
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• 2015

The concrete purpose of this study is to suggest actually a debt ratio to optimize the capital structure providing a kind of approach to estimate the proper debt ratio with an analytical model and empirical data in Korean shipping industry. The mathematical and analytical model is started from the first equation about ROE, return of net operating income on equity, with an independent variable, debt ratio. It is constructed with several parameters, ROS(return of operating income on sales), TAT(total assets turnover), and NFCL(net finance cost to liabilities). There could not be a certain relationship between debt ratio and ROS or TAT, while some correlation or causality between debt ratio and NFCL. In other words, most of firms with high debt ratio is likely to burden higher finance cost than others with low one. In this case, there is a linearity relationship between debt ratio and NFCL, so then the second equation considering this relation could be included within the analytical approach of this paper. To be short, if the criteria of adequate debt ratio has to be defined as some level of debt ratio to optimize ROE, the ROE could be illustrated as a quadratic equation to debt ratio from two equations. Next, this research estimated those parameters' numbers through the single regression method with data over 12 years of Korean shipping industry, and identified empirically the fact that optimal debt ratio would be approximately 400%. To conclude, if that industry's sales and operating incomes are stable, the debt ratio could be accepted until twice of 200% had forced in order to guarantee its financial safety in past time.